0000793952false00007939522025-02-052025-02-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 8-K 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 5, 2025
Harley-Davidson, Inc.
(Exact name of registrant as specified in its charter)
Wisconsin1-918339-1382325
(State or other jurisdiction
of incorporation)		     (Commission
     File Number)		(IRS Employer
Identification No.)
3700 West Juneau Avenue, Milwaukee, Wisconsin 53208
(Address of principal executive offices, including zip code)
(414) 342-4680
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class  Trading Symbol  Name of exchange on which registered
COMMON STOCK, $0.01 par value per share  HOG  New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02
Results of Operations and Financial Condition.
On February 5, 2025, Harley-Davidson, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the Company’s fourth quarter and full year 2024 results for the financial period ended December 31, 2024. A copy of the Press Release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits. The following exhibit is being furnished herewith:
Exhibit No.Description

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HARLEY-DAVIDSON, INC.
Date: February 5, 2025/s/ Paul J. Krause
Paul J. Krause
Secretary



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image.jpg

FOR IMMEDIATE RELEASE

Harley-Davidson Delivers Fourth Quarter and Full Year Financial Results and 2025 Outlook


MILWAUKEE (February 5, 2025) – Harley-Davidson, Inc. (“Harley-Davidson,” “HDI,” or the “Company”) (NYSE: HOG) today reported fourth quarter and full year 2024 results and provided 2025 Outlook.

“In 2024, we saw our performance being significantly impacted by the continued cyclical headwinds for discretionary products, including the high-interest rate environment affecting consumer confidence,” said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. “The launch of our new Street Glide and Road Glide touring motorcycles contributed to nearly 5% growth in the U.S. Touring segment and drove H-D’s market share to 74.5% in ‘24. The decisions we have made and the bold actions we have taken as part of our Hardwire strategy are continuing to strengthen our foundation for the future. The industry has faced many challenges over the past couple of years, impacting at all levels, but we believe we are best positioned to take advantage of any uptick in consumption.”

2024 Highlights and Results
•Delivered diluted EPS of $3.44
•HDMC operating income of $278 million for an operating margin of 6.7%
•HDMC global motorcycle shipments of 148,862, down 17% from prior year
•In North America retail sales of Touring, Trike, and CVO were up more than 8%
•Harley-Davidson dealer inventory levels of new motorcycles finished the year down over 4% year-over-year
•HDFS operating income of $248 million, up 6% from prior year

Fourth Quarter 2024 Highlights Results
•Delivered diluted EPS loss of -$0.93 for Q4
•HDMC revenue of $420 million, down 47% vs. prior year
•HDMC global motorcycle shipments of 14,010, down 53% from prior year
•Global retail sales of new motorcycles down 15% vs. prior year

2025 Financial Outlook
For the full year 2025, the Company expects:
•HDMC: revenue flat to down 5% and operating income margin of 7.0% to 8.0%
•HDFS: operating income down 10% to 15%
•LiveWire: electric motorcycle unit sales of 1,000 – 1,500 and an operating loss of $70 to $80 million
•Harley-Davidson, Inc. diluted earnings per share flat to down 5%
•Harley-Davidson, Inc: capital investments of $225 to $250 million

Fourth Quarter and Full Year 2024 Results
Harley-Davidson, Inc. Consolidated Financial Results


$ in millions (except EPS)		4th quarterFull Year
20242023Change20242023Change
Revenue$688$1,053-35%$5,187$5,836-11%
Operating Income (Loss)($193)($21)nm$417$779-47%
Net Income Attributable to HDI($117)$26nm$455$707-36%
Diluted EPS($0.93)$0.18nm$3.44$4.87-29%
nm - not meaningful



In the fourth quarter, consolidated revenue was down 35 percent, driven by a revenue decline of 47 percent at HDMC, partially offset by revenue growth of 4 percent at HDFS. In the fourth quarter, the consolidated operating loss was $193 million which compares to an operating loss of $21 million in the prior year’s period.

For the full year, consolidated revenue was down 11 percent compared to the prior year. This was driven by revenue decreases of 15 percent at HDMC and by $12 million at LiveWire, partially offset by a revenue increase of 9 percent at HDFS. For the full year, consolidated operating income was down 47 percent compared to last year. This was driven by an operating income decline of 58 percent at HDMC, partially offset by a 6 percent increase at HDFS. The full year operating loss at LiveWire was $110 million, which was in-line with our expectations.

Harley-Davidson Motor Company (HDMC) – Results


$ in millions (except units)		4th quarterFull Year
20242023Change20242023Change
Motorcycle Shipments (thousands)14.029.5-53%148.9180.0-17%
Revenue$420$792-47%$4,122$4,845-15%
   Motorcycles$231$583-60%$3,137$3,799-17%
   Parts & Accessories$118$130-10%$652$698-7%
   Apparel$54$57-6%$237$244-3%
   Licensing$4$8-42%$23$29-20%
   Other$13$14-8%$73$75-3%
Gross Margin -0.8%22.9%-23.7 pts28.0%32.3%-4.3 pts
Operating Income (Loss)($214)($44) nm$278$661-58%
Operating Margin nmnmnm6.7%13.6%-6.9 pts
nm - not meaningful

In the fourth quarter, global motorcycle shipments at HDMC decreased 53 percent from a year ago, due to focus on dealer channel de-stocking and market conditions. HDMC revenue was down 47 percent, due to lower volumes and unfavorable mix, partially offset by higher pricing. Gross profit came in at a loss of $3 million compared to gross profit of $181 million in the prior year period.

The result was driven by the revenue drivers cited, as well as negative operating leverage and adverse foreign exchange, partially offset by lower raw material costs and supply management. Operating expenses were $15 million lower than a year ago. Operating loss was $214 million in the fourth quarter compared to an operating loss of $44 million in the prior period.

For the full year, global motorcycle shipments decreased 17 percent from the prior year. HDMC revenue was down 15 percent, due to lower volumes and unfavorable net pricing, partially offset by positive impacts of shipment mix. Gross margin was lower by 4.3 points in 2024 compared to 2023. The lower margin was driven by the revenue drivers cited, as well as negative operating leverage and negative impacts of net shipment mix, partially offset by the benefits of lower logistics and raw material costs. Operating expenses were $28 million lower than a year ago. Operating income margin was 6.7 percent, which is 6.9 points lower compared to 2023.

Harley-Davidson Retail Motorcycle Sales
(excludes LiveWire units)


Motorcycles (thousands)
4th quarterFull Year
20242023Change20242023Change
North America15.117.5-13%102.0105.9-4%
EMEA4.75.1-7%24.127.0-11%
Asia Pacific5.06.8-26%22.227.0-18%
Latin America0.80.8-7%2.92.9flat
Worldwide Total25.730.2-15%151.2162.8-7%
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In the fourth quarter, global retail sales of new motorcycles were down 15 percent versus the prior year. In North America, retail sales declined by 13 percent, with the bulk of declines in the large cruiser category, which includes the Softail motorcycle. In EMEA, retail sales declined by 7 percent, driven by weakness in Germany and the surrounding region. The 26 percent decline in APAC was driven by weakness in Japan and China, partially offset by growth in Australia and New Zealand. Latin America sales decreased by 7 percent, driven by declines in Brazil and Mexico.

For the full year 2024, global retail sales of new motorcycles were down 7 percent versus prior year. North American retail sales declined by 4 percent, where first half was up 2 percent, while the second half was down. In North America, Touring, Trike, and CVO retail sales were up more than 8 percent for the full year of 2024. EMEA retail sales declined by 11 percent for the full year, where a majority of the retail weakness was in non-core motorcycles. Touring, Trike, and CVO retail sales were up 10 percent year over year. APAC retail sales declined by 18 percent for the full year driven by weakness in Japan and China.

Harley-Davidson Financial Services (HDFS) – Results


$ in millions
4th quarterFull Year
20242023Change20242023Change
Revenue$257$2464%$1,039$9549%
Operating Income$46$58-20%$248$2356%

In the fourth quarter, HDFS revenue was up 4 percent from prior year, driven by higher interest income. HDFS operating income of $46 million was down by 20 percent driven by higher provision for credit losses and higher borrowing costs. The increase in the provision for credit losses was driven mainly by an unfavorable change in the allowance for credit loss reserve rate.

For the full year, HDFS revenue was up 9 percent from prior year, driven by higher interest income. HDFS operating income was $248 million up 6 percent from prior year despite higher borrowing costs, an increased provision for credit losses, and higher operating expenses. The full year 2024 operating income margin was 24 percent.

LiveWire - Results

$ in millions4th quarterFull Year
20242023Change20242023Change
Electric Motorcycle Shipments (units)236514-54%612660-7%
Revenue$10$15-32%$26$38-31%
Operating Loss($26) ($35) 25%($110) ($117) 6%
nm - not meaningful

In the fourth quarter, LiveWire revenue decreased 32 percent compared to the prior year, driven by lower unit sales of EV motorcycles in the quarter. LiveWire operating loss of $26 million, $9 million less than a year ago, was in-line with our expectations.

For the full year, LiveWire revenue decreased by 31 percent compared to the prior year, driven by lower unit sales of EV motorcycles and of STACYC electric bikes. LiveWire operating loss of $110 million was $7 million less than prior year and was in-line with our expectations. For the full year, LiveWire sold 612 EV motorcycles, which compares to 660 EV motorcycles sold in 2023. LiveWire continues to invest in new products and action initiatives to reduce the overall cost of sales for EV motorcycles.

Other 2024 Harley-Davidson, Inc. Results
•Generated $1.1 billion of cash from operating activities
•Effective tax rate was 14%
•Paid cash dividends of $91 million
•Repurchased $450 million of shares (12.5 million shares) on a discretionary basis
•Cash and cash equivalents of $1.6 billion at year end
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Company Background
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition is to maintain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. Harley-Davidson also has a controlling interest in LiveWire Group, Inc., the first publicly traded all-electric motorcycle company in the United States. LiveWire is the future in the making for the pursuit of urban adventure and beyond. Drawing on its DNA as an agile disruptor from the lineage of Harley-Davidson and capitalizing on a decade of learnings in the EV sector, LiveWire's ambition is to be the most desirable electric motorcycle brand in the world. Learn more at harley-davidson.com and livewire.com.

Webcast
Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CST today. The webcast login and supporting slides can be accessed at  http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CST.

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Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company “believes,” “anticipates,” “expects,” “plans,” “may,” “will,” “estimates,” “targets,” “intends,” "forecasts," "sees," “feels,” “commits,” “assumes,” “envisions” or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company’s ability to: (a) execute its business plans and strategies, including The Hardwire, each of the pillars, and the evolution of LiveWire as a standalone brand, which includes the risks noted below; (b) manage supply chain and logistics issues, including quality issues, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Ukraine and the Red Sea conflict, or natural disasters and longer shipping times and increased logistics costs; (c) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company’s ability to sell products domestically and internationally, and the cost of raw materials and components, including tariffs recently imposed or that may be imposed by the U.S. on foreign goods, rebalancing or other tariffs recently imposed or that may be imposed by foreign countries on U.S. goods, and the temporary lifting of the 2018 incremental tariffs on motorcycles imported into the EU from the U.S. that began in 2022 and are set to expire on March 31, 2025, and are the subject of ongoing negotiations between the U.S. and EU; (d) accurately analyze, predict and react to changing market conditions, interest rates, and geopolitical environments, and successfully adjust to shifting global consumer needs and interests; (e) accurately predict the margins of its segments in light of, among other things, tariffs, rebalancing trade measures, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company's complex global supply chain; (f) maintain and enhance the value of the Harley-Davidson brand, including detecting and mitigating or remediating the impact of social media collective actions, such as calls for boycotts and other brand-damaging behaviors that could harm the Company's brand or business; (g) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Ukraine and the Red Sea conflict; (h) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (i) successfully carry out its global manufacturing and assembly operations; (j) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to strengthen and grow its leadership position in Grand American Touring, large Cruiser and Trike, and grow its complementary businesses; (k) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (l) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (m) prevent, detect and remediate any issues with its motorcycles or any issues associated with the manufacturing processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (n) successfully manage and reduce costs throughout the business; (o) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its dealers and distribution methods, including the Company's dealer footprint, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (p) realize the expected business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to execute its plans to develop, produce, market and sell its electric vehicles; (ii) the demand for and consumer willingness to adopt two- and three-wheeled electric vehicles; and (iii) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in Risk Factors under Item 1.A of LiveWire Group Inc.'s most recent Annual Report on Form 10-K; (q) manage the quality and regulatory non-compliance issues relating to the brake hose assemblies provided to the Company by Proterial Cable America, Inc. in a manner that avoids future quality or non-compliance issues and additional costs or recall expenses that are material; (r) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name in India; (s) successfully maintain or achieve a manner in which to sell motorcycles in Europe, China, and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (t) manage its
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Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (u) retain and attract talented employees, and eliminate personnel duplication, inefficiencies and complexity throughout the organization; (v) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (w) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (x) prevent a ransomware attack or cybersecurity breach involving consumer, employee, dealer, supplier, or Company data and respond to evolving regulatory requirements regarding cybersecurity and data privacy; (y) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company’s business; (z) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (aa) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (bb) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations, including increased environmental, safety, emissions or other regulations; (cc) manage risks related to a pandemic (like COVID-19), epidemic, disease outbreak or other public health crises, such as supply chain disruptions, its ability to carry out business as usual, and government actions and restrictive measures implemented in response; (dd) manage its exposure to product liability claims in a manner that avoids or successfully mitigates the impact of substantial jury verdicts, including the successful resolution or appeal of the verdict in Harold E. Morris v. Harley-Davidson Motor Company Group, LLC, and Robert C. SinClair Jr., as Administrator of the Estate of Pamela Marie SinClair, deceased v. Harley-Davidson Motor Company Group, LLC, and manage exposure in commercial or contractual disputes; (ee) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (ff) achieve anticipated results with respect to the Company's preowned motorcycle program, Harley-Davidson Certified, the Company's H-D1 Marketplace, and Apparel and Licensing; and (gg) optimize capital allocation in light of the Company's capital allocation priorities.

The Company’s ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company’s dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company’s dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, or other factors.

HDFS' retail credit losses have normalized in recent quarters to higher levels after a period of historically low levels of credit losses. Further, the Company believes that HDFS's retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions, including the impact of inflation and HDFS's efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, HDFS’s efforts to adjust underwriting criteria based on market and economic conditions and the actions that the Company has taken and could take that impact motorcycle values may impact HDFS's retail credit losses.

The Company's operations, demand for its products, and its liquidity could be adversely impacted by tariff impacts, inflation, work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Ukraine and the Red Sea conflict, or other factors. Refer to Risk Factors under Item 1.A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and applicable updates under Item 1.A of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

Media Contact:
Jenni Coats
jenni.coats@Harley-Davidson.com
414.343.7902

Financial Contact:
Shawn Collins
shawn.collins@Harley-Davidson.com
414.343.8002
### (HOG-Earnings)
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Harley-Davidson, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)(Unaudited)(Unaudited)
 Three months endedTwelve months ended
December 31,
2024		December 31,
2023		December 31,
2024		December 31,
2023
HDMC revenue$420,489 $791,648 $4,121,906 $4,844,594 
Gross (loss) profit(3,170)181,352 1,154,838 1,566,542 
Selling, administrative and engineering expense210,472 225,526 876,994 905,391 
Operating (loss) income from HDMC(213,642)(44,174)277,844 661,151 
LiveWire revenue10,400 15,366 26,358 38,298 
Gross loss(5,608)(5,372)(12,514)(5,956)
Selling, administrative and engineering expense20,538 29,563 97,125 110,853 
Operating loss from LiveWire(26,146)(34,935)(109,639)(116,809)
HDFS revenue256,720 246,197 1,038,538 953,586 
HDFS expense210,280 188,234 790,116 718,844 
Operating income from HDFS46,440 57,963 248,422 234,742 
Operating (loss) income(193,348)(21,146)416,627 779,084 
Other income, net17,445 17,672 72,295 71,808 
Investment income13,300 15,727 58,964 46,771 
Interest expense(7,683)(7,683)(30,748)(30,787)
(Loss) income before income taxes(170,286)4,570 517,138 866,876 
Income tax (benefit) provision(51,857)(18,716)71,963 171,830 
Net (loss) income(118,429)23,286 445,175 695,046 
Less: Loss attributable to noncontrolling interests1,538 2,524 10,182 11,540 
Net (loss) income attributable to Harley-Davidson, Inc. $(116,891)$25,810 $455,357 $706,586 
(Net loss) earnings per share:
Basic$(0.93)$0.19 $3.46 $4.96 
Diluted$(0.93)$0.18 $3.44 $4.87 
Weighted-average shares:
Basic126,264 138,520 131,447 142,378 
Diluted126,264 141,464 132,288 145,103 
Cash dividends per share:$0.1725 $0.1650 $0.6900 $0.6600 
LiveWire results presented in the Company's financial statements represent the LiveWire reportable segment as determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280 Segment Reporting which may differ from LiveWire Group, Inc. results.
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Harley-Davidson, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
December 31,
2024		December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents$1,589,608 $1,533,806 
Accounts receivable, net234,315 267,200 
Finance receivables, net2,031,496 2,113,729 
Inventories, net745,793 929,951 
Restricted cash135,661 104,642 
Other current assets259,764 214,401 
4,996,637 5,163,729 
Finance receivables, net5,256,798 5,384,536 
Other long-term assets1,628,144 1,592,289 
$11,881,579 $12,140,554 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities$892,678 $996,021 
Short-term deposits, net173,099 253,309 
Short-term debt640,204 878,935 
Current portion of long-term debt, net1,851,513 1,255,999 
3,557,494 3,384,264 
Long-term debt, net 4,468,665 4,990,586 
Other long-term liabilities696,920 513,409 
Shareholders’ equity3,158,500 3,252,295 
$11,881,579 $12,140,554 



8

Harley-Davidson, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Twelve months ended
 December 31,
2024		December 31,
2023
Net cash provided by operating activities$1,063,833 $754,887 
Cash flows from investing activities:
Capital expenditures(196,563)(207,404)
Finance receivables, net(198,939)(302,720)
Other investing activities12,172 (2,180)
Net cash used by investing activities(383,330)(512,304)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes495,856 1,446,304 
Repayments of medium-term notes (660,780)(1,056,680)
Proceeds from securitization debt1,145,211 1,045,547 
Repayments of securitization debt(1,078,248)(1,193,526)
Net (decrease) increase in unsecured commercial paper(237,340)107,146 
Borrowings of asset-backed commercial paper469,986 42,429 
Repayments of asset-backed commercial paper(258,077)(237,370)
Net increase in deposits102,119 129,855 
Dividends paid(91,224)(96,310)
Repurchase of common stock(459,829)(363,987)
Other financing activities11 1,946 
Net cash used by financing activities(572,315)(174,646)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(16,145)1,697 
Net increase in cash, cash equivalents and restricted cash$92,043 $69,634 
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period$1,648,811 $1,579,177 
Net increase in cash, cash equivalents and restricted cash92,043 69,634 
Cash, cash equivalents and restricted cash, end of period$1,740,854 $1,648,811 
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$1,589,608 $1,533,806 
Restricted cash135,661 104,642 
Restricted cash included in Other long-term assets15,585 10,363 
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$1,740,854 $1,648,811 







9


HDMC Revenue and Motorcycle Shipment Data

(Unaudited)(Unaudited)(Unaudited)
Three months endedTwelve months ended
December 31,
2024		December 31,
2023		December 31,
2024		December 31,
2023
HDMC REVENUE (in thousands)
Motorcycles$231,470 $582,590 $3,137,331 $3,798,977 
Parts & Accessories117,605 130,096 651,964 698,095 
Apparel54,078 57,261 237,270 244,333 
Licensing4,436 7,686 22,748 28,599 
Other12,900 14,015 72,593 74,590 
$420,489 $791,648 $4,121,906 $4,844,594 
HDMC U.S. MOTORCYCLE SHIPMENTS4,314 16,883 94,075 113,867 
HDMC WORLDWIDE MOTORCYCLE SHIPMENTS
Grand American Touring(a)
5,563 16,413 85,757 92,683 
Cruiser6,524 10,069 46,235 63,945 
Sport and Lightweight1,508 2,379 12,335 18,228 
Adventure Touring415 683 4,535 5,128 
14,010 29,544 148,862 179,984 
LiveWire Motorcycle Shipment Data236 514 612 660 
(a)Includes Trike


HDMC Gross Profit
(Unaudited)

The estimated impact of significant factors affecting the comparability of gross profit from 2023 to 2024 were as follows (in millions):
Three months endedTwelve months ended
2023 gross profit$181 $1,567 
Volume(106)(241)
Price and sales incentives40 (33)
Foreign currency exchange rates and hedging(16)(17)
Shipment mix(34)(9)
Raw material prices2 14 
Manufacturing and other costs(70)(126)
(184)(412)
2024 gross profit$(3)$1,155 



10

HDFS Finance Receivables Allowance for Credit Losses

(Unaudited)(Unaudited)(Unaudited)
Three months endedTwelve months ended
December 31,
2024		December 31,
2023		December 31,
2024		December 31,
2023
Balance, beginning of period$399,912 $392,714 $381,966 $358,711 
Provision for credit losses72,208 56,662 247,225 227,158 
Charge-offs, net of recoveries(70,937)(67,410)(228,008)(203,903)
Balances, end of period$401,183 $381,966 $401,183 $381,966 


Worldwide Retail Sales of Harley-Davidson Motorcycles(a)
(Unaudited)
Three months endedTwelve months ended
December 31,
2024		December 31,
2023		December 31,
2024		December 31,
2023
United States14,220 16,694 94,930 98,468 
Canada907 769 7,093 7,422 
Total North America15,127 17,463 102,023 105,890 
EMEA4,749 5,121 24,082 27,005 
Asia Pacific5,025 6,763 22,213 26,953 
Latin America759 815 2,911 2,923 
Total worldwide retail sales25,660 30,162 151,229 162,771 
(a)Data source for retail sales figures shown above is new sales warranty and registration information provided by dealers and compiled by the Company. The Company must rely on information that its dealers supply concerning new retail sales, and the Company does not regularly verify the information that its dealers supply. This information is subject to revision.

11
v3.25.0.1
Cover Page
Feb. 05, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 05, 2025
Entity Registrant Name Harley-Davidson, Inc.
Entity Incorporation, State or Country Code WI
Entity File Number 1-9183
Entity Tax Identification Number 39-1382325
Entity Address, Address Line One 3700 West Juneau Avenue
Entity Address, City or Town Milwaukee
Entity Address, State or Province WI
Entity Address, Postal Zip Code 53208
City Area Code 414
Local Phone Number 342-4680
Title of 12(b) Security COMMON STOCK, $0.01 par value per share
Trading Symbol HOG
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000793952
Amendment Flag false
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